Credit Fulfillment
What two things does credit fulfillment link together?
The branch with BSC-LSSB.
list all business types available on SBH?
1) private corps
2) sole props
3) all partnerships
4) not for profit minor sports teams
5) widely held corps and partnerships
What documents do you need to submit through Scotiaworx to get a credit application going?
Ideally - you want to submit all documentation at the beginning to not delay the credit application.
what purpose must a business flex have?
Character, Capacity, Capital, Collateral, Conditions
What credit fulfillment option do you select to correct a PRR Defect?
Post funding
What is the limit for unsecured credit you can apply for on SBH?
$150,000
Once you have a credit application approved - what is the next step?
Submit to Doc Prep and wait for that to come back through Credit Fulfillment.
Property types eligible for a Scotia Flex?
Residential, Farm, or Commercial property
Outline the steps to getting a credit deal approved - start to finish
1) Collect all documents
2) Submit Scotiaworx application
3) Meet approval conditions
4) Get final ACE approval
5) Submit for Doc Prep
6) Sign all documents/Get lawyers signed docs
7) Submit for funding
What 2 ways is a credit fulfillment case automatically generated?
SBH Credit Deals and Scotiaworx deals when you submit for doc prep
What products are available for a credit restructure on SBH?
ODPfb, CLfb, and credit cards.
What do you need to ensure is completed for multiple products being adjudicated in a scotiaworx application?
"decision" each one.
Name 3 of 5 benefits for holding credit products under the Scotia Flex?
1) Quicker turnaround times on credit requests
2) No additional application fees after the initial program application fee
3) Proactive cash flow management and cost control
4) flexibility to change products quickly
5) better interest rates versus unsecured credit
Why is getting a SOPF signed so important?
It authorizes you to complete the credit check - without it you do not have permission and put yourself and the bank at risk. You have to have it signed prior to starting an application.
Can you utilize the same credit fulfillment case for different CFBFP Loan Advances?
Can you add multiples of the same product type on SBH?
Yes a maximum of 3 of each product type.
which 2 documents do you need to ensure are printed to see outstanding condition on your credit application?
Product Status Advice and Lenders Notes to Branch.
Must get both correct. To qualify for a Flex what is: the minimum IG code to qualify AND length of time the business must be operational for?
75 and 2 years.
$25,000.
Name the 5 credit fulfillment request sub-types.
1) Doc Prep
2) Post Funding Collateral Documentation
3) Post-Funding
4) Pre-Funding with Funding
5) Pre-Funding without Funding
If a customer brings their Business Reg docs - should you still complete digital verification?
Yes. Only when the entity cannot be found using the digital search should manual verification be used.
Whats the difference between Pre-Funding Conditions, Amend, and Appeal on your scotiaworx application?
Pre-Funding is not changing anything about the application - just meeting conditions. Amend is changing something about the application. Appeal is fighting an ACE decision on a decline.
How many total credit products can be held under a Flex?
11
Private corporation owned by 2 owners - name ALL of the documents required to START a credit application
SOPF for BOTH
2 years personal T1 Generals and NOA for BOTH
2 years Financials for the Business
Most recent year Corporate NOA
Proof any taxes owing are paid for both personal and corporate taxes